AutoZone, Inc. $AZO Shares Purchased by Howard Capital Management LLC

Key Points

• Howard Capital Management sharply increased its AutoZone stake by purchasing 385,091 additional shares, bringing its holdings to 385,577 shares worth approximately $1.09 billion and representing 11.6% of its portfolio.
• AutoZone reported quarterly revenue of $6.59 billion, up 5.6% year over year, while earnings exceeded analyst expectations; institutional investors own 92.74% of the stock.
• Shares recently traded at $3,116.62, and analysts maintain a “Moderate Buy” consensus with an average price target of $3,669.12, despite several firms lowering their targets or ratings.

Howard Capital Management LLC boosted its holdings in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 79,236.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 385,577 shares of the company's stock after purchasing an additional 385,091 shares during the quarter. AutoZone comprises approximately 11.6% of Howard Capital Management LLC's holdings, making the stock its largest position. Howard Capital Management LLC owned about 2.36% of AutoZone worth $1,091,191,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Edmond DE Rothschild Holding S.A. acquired a new stake in AutoZone during the second quarter worth about $29,000. Asset Dedication LLC grew its position in AutoZone by 150.0% in the first quarter. Asset Dedication LLC now owns 10 shares of the company's stock valued at $34,000 after acquiring an additional 6 shares during the period. Tacita Capital Inc acquired a new stake in shares of AutoZone during the 2nd quarter worth about $32,000. Burkett Financial Services LLC acquired a new stake in shares of AutoZone during the third quarter worth approximately $31,000. Finally, GK Wealth Management LLC acquired a new stake in AutoZone during the 3rd quarter valued at $34,000. 92.74% of the stock is owned by institutional investors.

AutoZone Price Performance

NYSE AZO traded up $57.00 on Friday, hitting $3,116.62. 258,747 shares of the stock were exchanged, compared to its average volume of 345,846. AutoZone, Inc. has a 52 week low of $2,730.65 and a 52 week high of $4,040.00. The company has a market capitalization of $50.89 billion, a PE ratio of 20.40, a P/E/G ratio of 1.42 and a beta of 0.40. The business's fifty day moving average is $2,937.50 and its 200 day moving average is $3,131.66.

AutoZone (NYSE:AZO - Get Free Report) last posted its quarterly earnings results on Tuesday, September 22nd. The company reported $56.05 EPS for the quarter, topping analysts' consensus estimates of $0.54 by $55.51. AutoZone had a negative return on equity of 90.08% and a net margin of 12.65%. The business had revenue of $6.59 billion during the quarter, compared to analysts' expectations of $6.70 billion. During the same quarter last year, the company posted $48.71 earnings per share. AutoZone's quarterly revenue was up 5.6% on a year-over-year basis. Analysts predict that AutoZone, Inc. will post 171.50 EPS for the current fiscal year.

Insider Activity at AutoZone

In related news, VP Dennis LeRiche sold 1,455 shares of AutoZone stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the completion of the sale, the vice president owned 441 shares of the company's stock, valued at approximately $1,367,100. The trade was a 76.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on AZO. Wells Fargo & Company dropped their target price on shares of AutoZone from $4,150.00 to $3,500.00 and set an "overweight" rating for the company in a research note on Thursday, September 10th. Robert W. Baird cut their target price on AutoZone from $3,600.00 to $3,400.00 and set a "neutral" rating on the stock in a research note on Wednesday, September 23rd. TD Cowen reduced their price target on shares of AutoZone from $3,500.00 to $3,400.00 and set a "buy" rating on the stock in a research report on Wednesday, September 23rd. Citigroup decreased their price objective on AutoZone from $3,700.00 to $3,450.00 and set a "buy" rating for the company in a research report on Monday, September 14th. Finally, Morgan Stanley lowered shares of AutoZone from an "overweight" rating to a "market perform" rating in a research note on Tuesday, September 29th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $3,669.12.

AutoZone Profile

AutoZone, Inc is a specialty retailer of automotive replacement parts, accessories and maintenance products. The company serves do-it-yourself customers as well as professional automotive repair shops, offering products such as batteries, brakes, filters, engine components, tools, fluids and other vehicle parts.

In addition to its retail stores, AutoZone provides commercial sales and delivery services for professional repair businesses. The company also operates ALLDATA, which offers automotive diagnostic, repair and shop-management software and information services to repair professionals.

Founded in 1979 and headquartered in Memphis, Tennessee, AutoZone operates primarily in the United States, with additional stores and operations in Mexico and Brazil.

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